Is it the End of Multiple Offers for Yaletown Condos? by Ian Watt of Sotheby's

Blog by Ian Watt | August 30th, 2016

Are we seeing the end of multiple offers in the Downtown Vancouver condo market? In the spring months we saw multiple offers happening in record numbers in Yaletown and Downtown due to the rising market. However, as June may have been the end of this rapid growth, we saw many agents deliberately underpricing their listings to instigate a quick sale with a subject free offer. But are multiple offers starting to die out? In March in Yaletown (according to the MLS) there were 85 sales and 53 of them (or 62%) sold over asking. In July in Yaletown (according to the MLS) there were 59 sales and 32 of them (or 54%) sold over asking. Is it a crash? Of course not, but yes a slow down heading towards a balanced market is just what that doctor ordered.

If you have any questions, comments or concerns about this blog post feel free to email me at ianwatt@ianwatt.ca - thank you very much and have a great day.